NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Option Value of Disability Insurance in Canada

Kevin Milligan, Tammy Schirle


This chapter is a preliminary draft unless otherwise noted. It may not have been subjected to the formal review process of the NBER. This page will be updated as the chapter is revised.

Chapter in forthcoming NBER book Social Security Programs and Retirement Around the World: Disability Insurance Programs and Retirement, David A. Wise, editor
Conference held September 26-28, 2013
Forthcoming from University of Chicago Press
in NBER Book Series - International Social Security

We investigate the importance of the financial incentives for work and retirement embedded in Canada’s public retirement and disability benefit systems. We extend previous research on incentives for retirement by incorporating the structure of incentives in the Canada and Quebec Pension Plan disability benefits, and through careful attention to the impact of self-assessed health status. We find the financial incentives embedded in the public pension system have a significant and substantial effect on the likelihood of entering retirement, but the impact of disability benefits is overshadowed by regular retirement benefits. We also find that the response is driven by those with lower self-assessed health.

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This paper was revised on April 17, 2014

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